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Your Child's First Payday
Allowances are an ideal way to teach youngsters to spend only what they can afford.
Allowances are an ideal way to teach youngsters to spend only what they can afford. Give them options: Let them purchase school lunches out of their allowance — or brown-bag it and pocket the difference. Impose a savings routine: Get your kids into the habit of immediately saving 10% of their allowance. Offer to match charitable donations or savings toward a major purchase. Charge interest: If your child runs short before allowance day, make sure she knows that borrowed money must be paid back with interest. Establish how much; explain how it adds up.
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